The following information relates to Wilson, Inc.'s equipment lease with an inception date of January 1: Fair value of equipment at lease inception, $91,200 Lease term, 4 years Economic life of property, 5 years Implicit interest rate. 6% Annual lease payment due on December 31, $25,600 Present value of the lease payments. $88,707 The equipment reverts back to the lessor at the end of the lease term How much is the lease liability at the end of the first year? $68,429 $20.278 $14.955 ho $63.107